FIIs sell off Rs 15,763 cr of stocks as the market keeps falling

On Thursday, the Nifty fell for the fourth straight session as selling pressure mounted in the latter part of the day. Over the last three days, foreign institutional investors (FIIs) have sold a significant amount of equity worth Rs 15,763 crore.

Nifty saw selling pressure in the second half of the day after starting the day higher and ending the day down 152 points at 21,996 levels. All sectors, including mid-cap and small-cap, finished in the red, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, with the exception of IT, metals, and PSU banks.

The IMF’s optimistic assessment of the Indian economy gave the market some respite at the beginning of the session. But in the face of volatility, it was unable to hold higher and fell for the fourth day in a row. Strong selling by foreign institutional investors (FIIs) of Rs 15,763 crore over the last three days has also subdued emotions, he added.

“In general, we anticipate that market volatility will persist in the absence of any significant positive catalyst, with attention remaining focused on stock-specific movements during the earnings season,” he said. The Nifty index ended the day with significant volatility at 21,996, according to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates, who noted that the continued geopolitical worries were to blame.

Technically speaking, if the index holds above 22,000, there may be a relief rally towards 22,300–22,500; on the other hand, if the index holds below 21,950, there may be more weakening below 21,800–21,700. —IANS

Rs 9.30L crore was lost in a 4-day crash.

During the four days of a severe market correction, investors’ wealth was destroyed by Rs 9.30 lakh crore due to worries about diminishing chances of a rate decrease, FII withdrawals, and the continuing crisis in West Asia.
In only four days, the market value of BSE-listed businesses dropped from Rs 9,30,304.76 crore to Rs 3,92,89,048.31 crore.